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Manila Bulletin devider Business devider Philippines, Masdar ink $15-billion renewable energy deal

Philippines, Masdar ink $15-billion renewable energy deal

Published Jan 16, 2025 06:30 am

In a move to accelerate renewable energy (RE) development, the Department of Energy (DOE) and Masdar, a United Arab Emirates (UAE)-based clean energy firm, have signed an agreement to support RE integration in the Philippines.

Energy Undersecretary Rowena Cristina Guevara signed the Implementation Agreement with Masdar on Thursday, Jan. 16 that aims to attract approximately $15 billion (around ₱877.5 billion) in investments.

This partnership will facilitate the development of one gigawatt (GW) of solar, wind, and battery energy storage systems (BESS) across various regions within the next five years, with a goal of scaling up to 10 GW by 2035.

The DOE has committed to assisting Masdar with pre-development activities, including technical studies, securing land rights, gathering information, and obtaining necessary approvals and permits.

Additionally, the DOE will help Masdar apply for investment incentives and tax exemptions.

Masdar will be responsible for managing project development, overseeing commercial, technical, financial, and environmental aspects.

Energy Secretary Raphael P.M. Lotilla believes this partnership is a significant step in the Philippines' RE journey.

"Under President Marcos Jr.'s leadership, the Philippines is integrating renewable energy into its energy mix on an unprecedented scale, ensuring energy security while fostering sustainable economic growth and environmental stewardship. This collaboration sets a new benchmark for energy transition in the region," he said.

Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Masdar chairman, added that this partnership would boost the country's economic activity.

"By leveraging UAE’s world-class expertise in renewable energy and the Philippines’ abundant natural resources, this Agreement will create jobs, drive low-carbon socio-economic progress, and expand global renewable energy capacity in line with the UAE Consensus.”

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, emphasized the significance of this expansion into the Southeast Asian market. Masdar has already developed Indonesia's largest floating solar facility, powering 50,000 households, and invested in Pertamina Geothermal Energy in 2023. Furthermore, Masdar signed an agreement with the Malaysian Investment Development Authority in 2023 to develop 10 GW of clean energy projects.

“With our proven success in implementing large-scale renewable energy projects in the region and worldwide, we look forward to utilizing our expertise and experience to support the Philippines in meeting its ambitious energy goals,” Ramahi stated.

Masdar aims to achieve 100 GW of RE capacity by 2030.

The DOE continues to promote RE integration, with the third Green Energy Auction (GEA-3) scheduled for February 2025. GEA-3 will offer 300 MW of impounding hydro, 4,250 MW of pumped storage hydro, and 100 MW of geothermal energy. Auctions for other RE technologies, energy storage systems, and offshore wind (OSW) projects are planned for later this year.

“Beyond enhancing energy security and reducing reliance on fossil fuels, this collaboration will deliver significant economic benefits to the country, creating opportunities for job generation, driving technology transfer, and empowering the local workforce with advanced skills in clean energy development,” Lotilla shared.

This cooperation originated from the Memorandum of Understanding (MOU) on energy transition cooperation signed last November 2024 during President Ferdinand Marcos Jr.'s visit to the UAE.

Related Tags

Department of Energy (DOE) United Arab Emirates
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